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deficit will be under $1 trillion for the first time since president obama took office. the c.b.o. also estimates the economy will grow 1.4% this year with unemployment remaining around 8%. c.b.o. director sat down with reporters this afternoon to discuss the economic and budget forecast. >> hello. thank you all for coming. i'm the director of the budget office. c.b.o. just released its outlook for the federal budget and the economy over the next decade. i'd like to tell you a little bit about if and then my colleagues and i will be happy to take your questions. our analysis shows that the united states continues to face very large economic and budget challenges. under current law we expect that the unemployment rate will remain above 7.5% through next year. that would make 2014 the sixth year in a row with unemployment so high. the longest such period in 70 years. also under current law, we expect the budget deficits over the next decade would total about $7 trillion. with deficits so high, the federal debt held by the public would remain a larger percentage of g.d.p. as in any year be
the deficit and avoid spending cuts. we're learning the budget deficit will top $845 billion this fiscal year even with massive tax hikes and assuming the spending cuts do kick in. congressman tom price pushing the president to balance the budget and says this new report is proof we can't do that by hiking taxes. what about that? we're still going to be deep into the red. >> good to be with you. the president has put forward for different budgets, none of which have ever come to balance. the house republicans have acted responsibly, our budget is yet to balance, so what we will do is put together a budget that balances in a ten-year time. all it does tomorrow it says to the president tell us when you'ryourbudget balances. it is important to do that because we have our principled solutions with the program. liz: used a dozen state when the budget would be balanced, is that it? >> we have had to end dollars deficit of the past four years in the past for budgets by this president have never come into balance ever in the 75 year time frame we talk about budgets. the american people need to know t
the deficit instead but it didn't happen. house republicans poind out they passed a bill to replace the sequester with cuts to federal worker pay, food stamps and other programs. democrats say that puts the burden on poor and middle class americans to pay for debt reduction. >> remember the american people still believe by an overwhelming margin that the rich should contribute to this. >> reporter: republicans argue democrats have no plan for replacing the sequester beyond eliminating tax breaks for corporate jet owners and oil companies. >> these aren't real solutions, mr. president. they're poll tested gimmicks. >> reporter: the cuts were originally supposed to kick in last month, but a last-minute deal pushed them off for two months. the president is meeting at this hour with labor leaders later this afternoon with business leaders and the subject, norah and charlie, is sure to come up. >> nancy cordes thanks. >>> meantime house majority leader eric cantor will be outlining a new agenda for his party today calling for change. he wants republicans to focus
budget $850 billion will be the deficit and we looked at the charts. people will argue, probably the man here, that it's going to be down in the long term because of increased revenues, economic growth, sequester, higher taxes. but kimberly, if you look to 2013, it shoots back up. how can the president hold a press conference when he talks about cuts using the word smaller. >> there's so much shrinkage. the problem is the middle class is the working poor. that's what's the norm. people are so used to it now they don't realize it should be fixed. we could focus on cutting back on spending, thinking about how to stimulate jobs and the economy. we're so used to the stagnation, it's become acceptable and people aren't critical enough to say there's a better way to do this and a smarter financial way to make sense. >> is this the new normal? before we get to that, the white house scrambled after the cbo announcement to cobble the press conference together. what did you think? >> one of the things, if ear going to call press conferences, he has to take questions. if he goes to the white house
about deficits, we are buying in to the right wing mantra somehow deficits are killing the economy. look at great britain and doing with their austerity plans and doesn't add up. i'm much more of the mind to be proactively looking at infrastructure investment like many of the business advisers told president obama should happen. people from commerce, from industry. i get it. that won't happen as long as house republicans are dead set against it. and what we're left with is unfortunately in my view a detente to put the discussion in the frame the republicans want. what about deficits? we have a jobs crisis in this country. not a deficit crisis. to me, the whole conversation has been pushed to the right further than it should be. >> and karen, on a last note, in anticipation of the president's speech, the white house released numbers on the people affected by the cuts. i believe around 600,000, between 600,000 and 800,000 suffering as a result of cuts to food stamps and other program that is people need to survive these days and at least some of the analysis out there, democrats feel that
the economy is in a recession or if it it's sagging, then you need deficit spending to get it moving. republicans used to agree with that. even in 2007 and 2008, they were proposing different stimulus measures. they no longer agree with the idea that they get the economy moving in a rough time. so maybe you have to actually have some spending cuts go into effect and see the effect on the economy for them to recognize the fact that oh, yes, if we take this money out of the economy, the economy will go down. that's what happened last quarter. if you hit the pentagon and if you hit domestic spending there's no question that the economy will retreat. so maybe they actually have to see that happen and then there will be some type of political reckoning and a turnaround and we can talk rationally about how to get this economy going again and create jobs. >> of course the president insisted -- and he talked about this yesterday -- he thinks we have to stop lurching from crisis to crisis. >> we continue to have these self-inflicted crisis here in washington that suddenly leads everybody to t
a debate whether we take a balanced approach to deficit reduction as you described. one that asks the wealthiest americans to pay a bit more while making sure we reduce spending and make responsible spending cuts without cutting the legs out from under the economy. and i'm sure mr. bernstein would agree that as the economist i heard when i was a member of the budget committee repeatedly say that you can't cut so much so fast because in a recovery that is already more fragile than we'd like to see, you want to make sure you don't slow or stall that recovery. that's what the republicans are risking. it's really -- you know, i wish and i know that americans across the country wish that there would just be a massive outbreak of responsibility in the republican conference so that we could bring them to the table, sit down, and work together to avoid massive spending cuts which they seem willing to allow to happen. >> a massive outbreak of responsibility. wouldn't that be a great occurrence? let me ask you, jared. you may agree, but senator mitch mcconnell clearly doesn't seem to agree.
understand -- i believe the american people understand that yes, we need to reduce the deficit, but it shouldn't just be on the backs of seniors. it shouldn't just be on the backs of young people trying to get a college education. >> the president won the fairness debate in the fall. that's what the election was all about. today, the president said that argument will define the fight ahead on guns, immigration, women's rights, gay rights. the whole agenda. >> the question i will ask myself on every item, every issue, is is this helping to make sure that everybody has got a fair shot and everybody is doing their fair share and everybody is playing by the same rules. >> this president is gearing up to push for real change. and he's compared to confront the gop if they don't want to compromise. joining me now is congresswoman james shakowski who was at the democratic retreat with the president. she's part of the progressive caucus which produced his own plan this week to trim the deficit without cuts to our safety net. congresswoman, let me go to you first. the president made it c
numbers like the better than expected trade balance which saw deficits shrinkage of about, what, close to 21%. all of these december numbers are going to impact potential revisions to gdp for the fourth quarter, which we received last week. and it was a paltry minus .1 of 1%. we'll watch this number very carefully. interest rates have moved up with stocks. wholesale inventories shrank .1 of 1%. sales were unchanged at a goose egg. we were expecting .4 on inventories. this is going to be very key as we factor in some of our potential revisions for the next look at fourth quarter gdp, which comes at the end of the month. here we get close, within two basis points of 2%. remember, we started out around 193, 194 today and closed last week at the highest yield close going back to april at 2.02. >> rick santelli, thank you. not too much reaction in terms of the major averages to that data. it is important to keep in mind, with these gains here, we're now positive for the week. definitely for the s&p 500. this is a new high, by the way, on the spx. up almost eight points. the nasdaq as you se
talking about the deficit. >> really? oh, yes. eric cantor to the rescue. he is ready to save the republican image and put a stop to the electoral college losses, right? of course, this is not the first time eric cantor has tried to save the party. you see, it actually is the fourth attempt that he has had. in 2009, cantor held a pizza party, remember that? with jeb bush and mitt romney by launching the national council for a new america that didn't work. a year later, cantor was back at it. he was one of the young guns ready to take the republican party by storm. >> there is a better way, and a new team is ready to bring america back. eric cantor, kevin mccarthy, paul ryan joined by common-sense conservative candidates from across the country. together, they are ready to make history. together they are the young guns. >> the good old days. in 2011, cantor launched the you cut program. he wanted to get the public to vote on weekly cuts to federal government. another year, another failure. so today cantor launched the "making life work" campaign. he is trying desperately to avo
will do more than anything else to shrink the deficit and long-term tax reform, long-term entitlement reform. that's the right way to do it. but to cut now because we want to reform entitlements later doesn't make any sense. >> let me ask about that. you talk about tax reform. that's something the left wants and something the right wants. the problem is with tax reform, what it entails. here's the president today talking about tax reform, closing loopholes. >> there is no reason that the jobs of thousands of americans who work in national security or education or clean energy, not to mention the growth of the entire economy, should be put in jeopardy just because folks in washington couldn't come together to eliminate a few special interest tax loopholes or government programs that we agree need some reform. >> they're not little and they're not few and they're not easy. of the five of the top ten tax expenditures, these are loopholes. mortgage interest deduction, the deduction we get for health care, the child tax credit, deduction for state and local taxes, charity. okay. the presid
about the deficit. they have to care about practical -- the reason you're so upset is you know it was a good speech. >> he went over to the aei, the number one war center, this is totally neocon. your thoughts. this is hopeless. i thought he'd admit the truth here today. >> it was a bit jarring to hear some of that coming from eric cantor who has been a warrior. >> hasn't he been the guy standing behind boehner's back waiting to trip him over because he's been too moderate? >> no question. he's been standing off center stage waiting for his opportunity to become speaker. i thought that there was a lot of practicality in the speech but i didn't think there were really big ideas. i think -- >> it was like sundries and notions in a drugstore. little items, like telling colleges they got to tell people what employment prospects there are for english majors. what's that about? cantor -- let's take a look. he took a approach that the university education should be more like a vocational school, a tech school, a school you can learn a trade and make a living. like i don't know. he sug
references to the trust deficit that has at times existed between this committee and the cia. if i'm confirmed, the address the deficit between the committee and the cia would be wholly unacceptable and i would make it my goal on day one of my tenure and every day thereafter to strengthen the trust between us. i have a reputation for speaking my mind, and at times doing so in a direct manner, which some attribute to my new jersey routes. -- roots. i would like to think that my candor would reassure you that you'll get straight answers from me, maybe not always those you will like, but you will get answers and they will reflect my honest views. that is the commitment i made to you. i would like to finish by saying a few words about the importance of taking care of the women and men who serve in the cia. because the of the secretiveness that the intelligence work requires, few americans will ever know the making sacrifices that these professionals and their families make every day. many have risked their lives and at times have given their lives to keep our country states. -- safe. i
a year. the deficit next year according to the congressional budget service $845 billion. they have $3 billion in tax increases against a $845 billion deficit. the point that you make is a good one. the president and he drove this thing in august of 2012. h20122011. he wanted the sequester. read woodward's book in page 226 or some where in this and the deep cuts in defense thinking at the time that would put enough pressure on republicans to get them to agree to higher tax. here we are he wants this thing delayed yet again but to be fair there has been a solution put forward. the house of representatives has not once but twice passed legislation that would replace the sequester and the deep defense cuts which do cause damage to our national security and our readiness with other cuts also in the budget. and that is something that has been rejected by the democrats here on capitol hill and by the president. >> greta: what i don't get is the gal to come out and ask for mother delay. i can't delay showing up for my job and neither canmy american. we can't keep asking for the delays and he
and labor leaders and then separately with business leaders. they're talking about the economy and deficit reduction. but also in the context of how does immigration affect that? the president said he wants to do something about the 11 million people who are living and working in this country and have been doing so for years illegally. but republicans here, especially conservatives on the house side, want to make sure border protection comes first. janet napolitano is touring the border right now and says we can secure it but we can't completely shut it down because that would hinder trade and commerce. also today the house judiciary committee meeting. they take a look at what might be the best solution here. there's a group of democrats and republicans working behind the scenes to come up with a solution. no word yet on how much progress they've made. >> interesting. tracie potts, thank you. >>> nbc news has obtained a confidential justice department memo that contains the legal justification for drone strikes on american citizens. the document from the justice department says the governm
about the surprising ways this will affect everyone. >> reporter: a $15 billion budget deficit has done what neither rain nor sleet nor snow could do. >> the choice is either change some of the service or raise prices. and people don't want prices raised. we'll make the changes in service. >> hello. >> how are you today? >> i'm great, thanks. >> reporter: lorenzo hudson has been making the rounds in great neck, new york, for more than 20 years. he was featured in a postal service tv commercial that ran during the super bowl pregame show. >> we don't want to see the business go under, because they couldn't get rid of saturday or because they didn't get rid of saturday, but at the same time, i, you know, i want the perfect world. i want us to be able to stay with saturday delivery. >> reporter: in recent years, the volume of first-class mail has plunged as more and more people pay bills online and communicate with e-mail. in response, post offices have been closed, the price of a stamp raised, but nothing has staunched the flow of red ink. ending saturday service could save about $2 billi
. it is important for us, whether we are talking about this issue or our deficit issue, to understand the demographic changes that are happening in and around the country. it is also the case -- i know you have been talking about manufacturing. we have a lot of jobs in this country that are unfilled. as a former superintendent of schools, i can tell you that my first priority is that we have to fill those jobs here. we are doing a horrendous job of preparing people for the stem fields that are required to make sure this country actually leads the world in advanced manufacturing. there is so much more we can do. we have not begun to do what we need to do for kids in this country to be ready for the 21st century. while we do that, it seems to me that it makes no sense for us to be saying to people that have acquired advanced degrees here and our foreign nationals, whose education we subsidized, but for a answer, because of obsolete caps that do not make sense, if that that ought to go build a business to compete with people in the united states. we need those folks here, to be able to d
is going to join us later on "morning joe." after spending months focused on federal spending and deficit reduction, to day house majority leader eric cantor plans to urge his republican party to take its message in a new direction. in what's being described as a major policy speech one week before the president's state of the union address, kantor wcant to rollout a new agenda that puts emphasis on how the government can help american families in their daily lives. expected to touch on new and existing republican education initiatives, the need to simplify the tax code sh ways to curb rising health care costs and the hot issue of immigration reform. in a prespeech excerpt, he is quote the as saying, "government policy should aim to strike a balance between what is needed to aadvance the next generation, what we can afford, what is a federal responsibility, and what is necessary to ensure our children are safe, healthy, and able to reach their dreams." >>> this is going to be closely watched because it represents a rebranding of the party and the conservative philosophy away from what has
and deficit debate is harmful to the business environment now? >> the uncertainty is back. the amount of -- the uncertainty is bad. you go from the fiscal cliff to the deficit debate to sequestration. that is inherently disruptive to business investment. certainty is a good multiplier. we are these long cycle businesses that have global competition. i do not have the lecture he to say that i will quit investing for six months until this is reserved. -- resolved. i will keep going. the people who can hurt the worst by all of this are the small and medium businesses. the people that have no buffer. that get confused. these are the people that are the heart of the u.s. economy. they are the ones that are constantly being bombarded as we go from one to another. this can only be solved here. this is one of the few cases where the business roundtable of people speak with one voice. it would be great to get a resolution. >> there is a divide in the corporate side on the corporate tax front. large companies would benefit more from corporate tax reform, especially going to a territorial system
to trim the deficit instead. but it didn't happen. house republicans point out they've passed the bill to replace the sequester with cuts to federal worker pay, food stamps, and other programs. democrats say that puts the burden on poor and middle-class americans to pay for debt reduction. >> remember, the american people still believe by an overwhelming margin that the rich should contribute to this. >> reporter: but republicans argue democrats have no plan for replacing the sequester beyond eliminating tax breaks from corporate jet owners and oil companies. >> these aren't real solutions, mr. president. they'regimmicks. >> reporter: the sequester was originally supposed to quick in last month, but a last-minute deal between the vice president and senator mcconnell, who you just saw, pushed it off for two months. since then, the will to enact a long-term deal appears, charlie and nora, to have evaporated. >> nancy cordes. >>> meantime, house majority leader eric cantor will be outlining a new agenda for his party today. he'll call on republicans to focus on issues like education and h
. and, norah, even the president has endorsed this move in the past. it was part of his deficit reduction package last year. >> nancy cordes, thanks. >>> john brennan is said to make his case on capitol hill but a leaked memo will complicate tomorrow's hearing. it spells out the case for killing americans linked to terrorism. bill plante is at the white house. bill, good morning. >> reporter: charlie, good morning. the unclassified memo was written by the justice department and sent to some members of congress last summer. it was never intended to be sent to the public, but it was leaked. brennan is the architect of the drone program and now the leak has the white house on the defensive. administration officials argued forcefully tuesday that the targeted killing of terrorists who are american citizens often by drone strikes is acceptable policy in the battle to keep america safe. >> these strikes are legal, ethical, and wise. >> we only take these kinds of actions when there is an imminent threat and when we're confident it's doing so that's consistent with international law. >
, what is the surest way to create a more hopeful world for our children, how we will reduce our deficit, what kinds of tax plans will have, how we will make sure every child is getting a good every child, it is encouraging to me that you turned out so well by your mom not letting you watch tv. i am going to tell my daughters that when they complain. [laughter] in the midst of all these debates, we must keep that same humility that dr. king and lincoln, washington and all our great leaders, understood, is at the core of true leadership. a democracy as big and as diverse as ours, we will encounter every opinion, and our task as citizens, whether we are leaders in government or business or spreading the word, it is to spend our days with open hearts and open minds, to seek out the truth that exists in the opposing view, and find a common ground that allows for us as a nation, as a people to take real and meaningful action, tnd we have to do that, humbly, and we have to do it every day, not just at a prayer breakfast. i have to say this is now our fifth prayer breakfast, and it is always ju
the deficit and government spending. the president told pelley he did see the possibility of a deal with republicans that did not include further tax hikes but did close loopholes and eliminate deductions that allow the wealthier americans to gain the system. he also weighed in on the boy scouts of america and the idea the organization is considering lifting its ban on gay members and leaders. the president said that the boy scouts should be open to gay members and leaders and says he believes everyone should have the same access and opportunities regardless of sexual orientation. >>> homeland security secretary janet napolitano is on the road today. she is traveling to san diego and then she will be in el paso tomorrow to take a look at border security measures. she's meeting with local and state officials. republicans want stricter measures in place as a provision of comprehensive immigration reform but the administration points out it spent $18 billion last year on immigration control and it deported some 410,000 people, a record. we're back with more show after the break. stay w
. there is basically an aversion to paying taxes, and we have deficits caused by wars, tax cuts, and all of the things that we talked about, and there are more people retiring. we could say that is too bad, they lived to long -- right -- too long -- one i was growing up, my grandmother had no medicare, no social security, and she lived with her daughters. i slept on the couch in the living room because that is how families took care of seniors before 1964. now we have a medicare program, where my father lived to 93, my mother lived to 97, and we did nothing for them except pay for their taxes. one year we gave my mom a christmas gift, a hearing aid which cost about $800. host: medicare does not cover that? guest: medicare does not cover that. good luck, you are on your own is what we say to seniors. my view is we are a better country than that. we can find a way to do that. there is a lot of stuff done in this country where people are getting treatment or examinations that are not making their health better or their life better. we have to look at that and stop doing that kind of stuff. that means wit
, and you addressed it again today in terms of potential trust deficit or you said that that's wholly unacceptable. you would give straight answers and be blunt and candid. and you've been that today. it's not a prerequisite to be mr. con jean yalt to ageniality. the kind of issues you have to deal with require straight talk, straight answers, and getting to the chase real quick. you said it's the new jersey way. i'll accept that. it's bipartisan. governor christie exhibits the same kind of responses and has a pretty high approval rating. so we will go forward with taking you at your word and we'll have the kind of relationship that we can have a blunt, straightforward, fully disclosed working relationship. i think it's critical to our ability to provide oversight, our ability to have the right kind of relationship with the agency so we know where each other is and can move forward together in terms of what needs to be done to provide intelligence necessary to protect the american people. so i wanted to say that. i'd like to follow up a little bit more on the leaks question. because i
it in a deficit-neutral way so that we will lower tax rates and eliminate these loopholes. to my mind just this one piece of legislation, which i think is a sensible piece of legislation, support i believe by the vast majority of the people in this country, could bring in all by itself close to $600 billion in a ten-year period. the choice as americans that we face, do you cut programs that the middle class and working people desperately need or do you ask finally large corporations who have gotten away with murder for years to start paying their fair share? >> even if we weren't looking at cuts at the big three, this is still terribly wrong. there's still no fairness in this game whatsoever. and they have lobbyists have gamed this all the way to the floor of the senate. and there's no question that it needs to be changed. and if this election was about change and if it's about fairness for the middle class, i would expect every progressive group and every democrat and the president to get on board big-time on this. senator sanders -- >> you're absolutely right. i would only add that reven
Search Results 0 to 49 of about 67 (some duplicates have been removed)